What is crypto gambling?
Loosely speaking, crypto gambling is similar to regular gambling but with the use of cryptocurrencies instead of local fiat currency. Players use cryptocurrency as a mode of payment when they gamble at any online casino. A common type of crypto gambling is when the players use their cryptocurrency as they place bets or play any casino game. The players stake in crypto and receive payouts in the same crypto.
Some casino sites also provide their own crypto coins for the players to use in gambling which can also be exchanged for a different fiat or cryptocurrency. The concept of crypto gambling is becoming extremely popular all over the world because of the many benefits it offers over fiat gambling.
Best crypto for gambling
The first-ever cryptocurrency that was launched in the blockchain network was Bitcoin. Seeing the success of Bitcoin in various industries, many other cryptocurrencies were launched and each of them has its own set of advantages over the other. With thousands of cryptocurrencies currently being used in the market, choosing the best crypto for gambling can be quite a challenging task. Here are some of the most common and best cryptocurrencies used in gambling –
- Bitcoin – One of the most popular and oldest cryptocurrencies is Bitcoin which makes it an excellent choice for crypto gambling. However, the only drawback of using Bitcoin for gambling is that it is extremely volatile but that is the case with every other cryptocurrency. The value of any digital coin can fluctuate very quickly so the players can potentially lose or gain depending on the market rate. Players should ideally be gambling with crypto only if they are planning to hold on to them for a longer time.
- Ethereum – Players who are familiar with cryptocurrencies will know that the second most popular option, after Bitcoin, is Ethereum. This currency has multiple benefits for crypto gambling. As a second-best option, it is relatively stable compared to Bitcoin and other newer coins. However, there is one drawback of using Ethereum in gambling and that is the gas fees that come with it. While Ethereum has many use cases, the gas fees are increasing beyond control. A gas fee is an amount that players have to pay to make transactions in ETC while adding funds into their gambling accounts or during withdrawals. The fees vary significantly, hence, until the value of Ethereum calms down, it is always better to look for other crypto options.
- Other popular crypto coins – Apart from Bitcoin and Ethereum, there are other alternatives that offer several benefits, such as Litecoin, Dogecoin, CAD, Ripple’s XRP, and many more. All cryptocurrencies can be used in gambling only if the casinos allow the players to use them as a payment method. However, to answer the question, ‘Which crypto is best for gambling?’, would come down to the personal preferences of the players based on their requirements.
How does crypto gambling work?
Crypto gambling works exactly the same way as any regular gambling but with an additional payment method, cryptocurrency. Players, from any part of the world, can use crypto to place their bets on casino games or esports of their choice. However, the use of crypto in gambling sites may vary from one platform to another.
The easiest way of using cryptocurrency in gambling is by using the tokens or crypto coins directly in the form of currency. Players can stake their crypto as their bets and also receive payouts in the same currency.
However, for many other sites, the platforms require the players to first deposit the crypto in their casino accounts and then use it for gambling. Regardless of which method the casino offers, the gambling experience remains the same – seamless, instant, fast and cost-effective.
Tips for crypto gambling
Although crypto gambling works exactly like normal gambling, some players may find it inherently more complicated with some additional concerns. So, here are a few tips on crypto gambling that may bring some confidence in the players –
- Conversion Rates and Fees – Note that the conversion rates and fees may vary from one platform to another. Hence, it is important to go through the terms and conditions before starting with crypto gambling.
- Value of Cryptocurrency Fluctuates – It is well known to all that the value of any crypto changes quite frequently. Hence, players should ensure that they are aware of how their crypto has changed in the past and what is in store for them in the future, as crypto is profitable only when invested for the long term.
- Selection of Crypto – Gambling with cryptocurrency is the best when done for the long term. This way the players are not vulnerable to the fluctuations in the value of the cryptocurrency and hence, they can be calm about the fluctuations that exist in the crypto market.
Future of Crypto Gambling
Gambling with cryptocurrency, using blockchain technology, may seem a bit technical but the advantages for both the casino operators and the gamblers are apparent. Seeing the demand for cryptocurrency in the gambling industry, more casinos are incorporating it as one of their payment methods.
According to a study conducted by the Analytics Platforms of NewZoo, around 2.7 billion gamblers spend over 159.3 billion US$ on casino games and esports. An estimation suggests that the crypto market will cross an amount of 200 billion US$ by the end of 2023 and the numbers are most likely to be on the rise in the future.
Cryptocurrency in the gambling industry has brought a new touch that is spreading exponentially around the world and it is a great opportunity for both casino gamblers and operators to grow with the use of digital currencies.
All in all, crypto gambling and powerful blockchain technology will soon take over the world as the technology evolves more. Crypto gambling is speculated to be the most preferred payment method in the future as more and more gamblers are becoming comfortable with gambling with digital coins.